Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Subject to the provisions of Sections 5.06 and 5.08, and except as provided in Section 3.03(b) below, if no Termination Event shall have occurred, all principal payments received by the Securities Intermediary in respect of (1) the Pledged Senior Notes, (2) the Pledged Applicable Ownership Interests and (3) the Pledged Treasury Securities, shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date, and transferred to the Company on the Purchase Contract Settlement Date as provided in Section 5.07 hereof. Any balance remaining in the Collateral Account shall be released from the Pledge and transferred to the Purchase Contract Agent for the benefit of the applicable Holders for distribution to such Holders in accordance with their respective interests, free and clear of the Pledge created thereby. The Company shall instruct the Collateral Agent in writing as to the type of Permitted Investments in which any payments made under this Section 3.03(a) shall be invested; provided, however, that if the Company fails to deliver such instructions by 10:30 a.m. (New York City time) on the day such payments are received by the Collateral Agent, the Collateral Agent shall invest such payments in the Permitted Investments as described in clause (6) of the definition of Permitted Investments. The Collateral Agent shall have no liability in respect of losses incurred as a result of the failure of the Company to provide timely written investment direction.
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Except as provided in clause 3.3(b) below, if the Securities Intermediary and Collateral Agent have not received notice of a Termination Event, all payments received by the Collateral Agent or the Securities Intermediary of (1) the principal amount with respect to the Pledged Senior Notes or security entitlement with respect thereto (2) the principal amount with respect to the Pledged Treasury Portfolio Interest or security entitlement with respect thereto or (3) the principal amount with respect to Pledged Treasury Securities or security entitlement with respect thereto, shall be held and invested at the written direction of the Company in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in Section 5.8 hereof. Any balance remaining in the Collateral Account shall be distributed to the Purchase Contract Agent for the benefit of the applicable Holders for distribution to such Holders in whose names the Corporate PIES or Treasury PIES are registered at the close of business on the Record Date (as specified in the Purchase Contract Agreement) immediately preceding the date of such distribution in accordance with their respective interests. Upon the request of the Securities Intermediary or the Collateral Agent, as applicable, the Company shall instruct the Securities Intermediary or the Collateral Agent, as applicable, as to the type of Permitted Investments in which any payments made under this Section shall be invested, provided, however, that if the Company fails to deliver such instructions by 10:30 a.m. (New York City time), the Securities Intermediary or the Collateral Agent, as applicable, shall invest such payments in the Permitted Investments described in clause 6 of the definition of Permitted Investments and identified by the Company in the Account Direction.
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Subject to the provisions of Section 7.2, and except as provided in clause 3.3(b) below, if no Termination Event shall have occurred, all payments received by the Securities Intermediary of (1) the [liquidation amount of Pledged Preferred Securities or securities entitlements with respect thereto or (2) the Applicable Ownership Interests (as specified in Clause (A) of the definition thereof) in the Treasury Portfolio, (3)] the principal amount with respect to the Pledged Notes or securities entitlements with respect thereto or (4) the principal amount of Pledged Treasury Securities or securities entitlements with respect thereto, shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in Section 5.7 hereof. Any balance remaining in the Collateral Account shall be distributed to the Purchase Contract Agent for the benefit of the applicable Holders for distribution to such Holders in accordance with their respective interests.
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Except as provided in Section 3.3(b), if no Termination Event shall have occurred, all payments received by the Securities Intermediary (if any) of (1) the principal amount with respect to the Pledged Debentures or security entitlements to them or (2) the principal amount of Pledged Treasury Securities or security entitlements to them shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in Section 5.7 of this Agreement. Any balance remaining in the Collateral Account shall be distributed to the Purchase Contract Agent for the benefit of the applicable Holders for distribution to such Holders in accordance with their respective interests.
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Subject to the provisions of Sections 5.06, 5.08 and 7.03, and except as provided in clause 3.03(b) below, if no Termination Event shall have occurred, all payments received by the Collateral Agent of (1) the aggregate principal amount with respect to the Pledged Notes or security entitlements with respect thereto, (2) the Applicable Ownership Interests (as specified in clause (A) of the definition thereof) of the aggregate principal amount of the Treasury Portfolio or (3) the principal amount of Pledged Treasury Securities, shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in Section 5.07 hereof. Any balance remaining in the Collateral Account shall be distributed to the Purchase Contract Agent for the benefit of the applicable Holders for distribution to such Holders in accordance with their respective interests. The Company shall instruct the Collateral Agent as to the type of Permitted Investments in which any payments made under this Section shall be invested, provided, however, that if the Company fails to deliver such instructions by 10:30 a.m. (New York City time), the Collateral Agent shall invest such payments in the Permitted Investments described in clause (6) of the definition of Permitted Investments.
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Subject to the provisions of Section 5.02(a), Section 5.04(b)(ii) and Section 5.07, and except as provided in Section 4.02(b) below, if no Termination Event shall have occurred, all principal payments received by the Securities Intermediary in respect of (1) the principal amount of Notes underlying Pledged Applicable Ownership Interests in Notes, (2) the Pledged Applicable Ownership Interests in the Treasury Portfolio and (3) the Pledged Treasury Securities, shall be credited to the Collateral Account, to be invested in Permitted Investments until the Purchase Contract Settlement Date, and transferred to the Company on the Purchase Contract Settlement Date as provided in Section 5.02 hereof. Any balance remaining in the Collateral Account shall be released from the Pledge and transferred to the Purchase Contract Agent for the benefit of the Holders of record on the Purchase Contract Settlement Date for distribution to such Holders in accordance with their respective interests, free and clear of the Pledge created hereby. The Company shall instruct the Collateral Agent in writing as to the specific Permitted Investments in which any payments made under this Section 4.02 shall be invested; provided, however, that if the Company fails to deliver such instructions by 10:30 a.m., New York City time, on the day such payments are received by the Securities Intermediary, the Collateral Agent shall instruct the Securities Intermediary to invest such payments in Permitted Investments of the type described in clause (6) of the definition of Permitted Investments which have been designated by the Company in writing from time to time in a standing instruction to the Securities Intermediary which shall be effective until revoked or superseded. In no event shall the Collateral Agent be liable for the selection of Permitted Investments or for investment losses incurred thereon. Neither the Collateral Agent nor the Securities Intermediary shall have any liability in respect of losses incurred as a result of the failure of the Company to provide timely written investment direction.
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Subject to the provisions of Section 7.2, and except as provided in clause 3.3(b) below, if no Termination Event shall have occurred, all payments received by the Securities Intermediary of (1) the principal amount with respect to the Pledged Notes or securities entitlements with respect thereto, (2) the Applicable Ownership Interests (as specified in Clause (A) of the definition thereof) in the Treasury Portfolio, or (3) the principal amount of Pledged Treasury Securities or securities entitlements with respect thereto, shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in Section 5.7 hereof. Any balance remaining in the Collateral Account shall be distributed to the Purchase Contract Agent for the benefit of the applicable Holders for distribution to such Holders in accordance with their respective interests.
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Except as provided in Section 3.3(b), if no Termination Event shall have occurred, all payments received by the Securities Intermediary (if any) of (1) the principal amount with respect to the Pledged Debentures or security entitlements to them or (2) the principal amount of Pledged Treasury Securities or security entitlements to them shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in Section 5.7 of this Agreement. Any balance
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Except as provided in Section 3.03(b) below, if no ------- Termination Event shall have occurred, all payments received by the Securities Intermediary of the liquidation preference with respect to the Pledged Preferred Shares or security entitlements with respect thereto, shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in
Principal Payments Prior to or on Purchase Contract Settlement Date. (a) Subject to the provisions of Section 7.2, and except as provided in clause 3.3(b) below, if no Termination Event shall have occurred, all payments received by the Securities Intermediary of (1) the liquidation amount with respect to the Pledged Preferred Securities or security entitlements thereto, (2) Applicable Ownership interests (as specified in Clause (A) of the definition thereof) of the Treasury Portfolio, (3) the aggregate principal amount with respect to the Pledged Senior Deferrable Notes or security entitlements thereto or (4) the principal amount of Pledged Treasury Securities, shall be held and invested in Permitted Investments until the Purchase Contract Settlement Date and on the Purchase Contract Settlement Date distributed to the Company as provided in Section 5.7 hereof. Any balance remaining in the Collateral Account shall be distributed to the Purchase Contract Agent for the benefit of the applicable Holders for distribution to such Holders in accordance with their respective interests.
